BP and Reliance agree on mammoth India partnership

British Petroleum agrees to invest up to $20 billion in India in partnership with Reliance Industries. The deal catapults advisers Goldman Sachs and Morgan Stanley to the top of the India league tables.

British Petroleum BP and Reliance Industries have announced a two-pronged partnership that will see BP take a 30% stake in select Reliance oil and gas fields in India, while the two companies will also create a jointly owned sourcing and marketing company. The total outlay for BP will be up to $20 billion.

BP will acquire 30% of 23 oil and gas production sharing contracts, covering approximately 270,000 square kilometres, that India’s largest private-sector company operates in its home...